South Korea approved a recommendation to amend a law that would soon ban companies such as Google and Apple from seeking extremely high commissions from software developers on in-app purchases. A parliamentary committee voted for the recommended amendments Wednesday.

If the amendments are made, South Korea would become the first major economy to impose such a law against the tech giants. Both Google and Apple have faced global criticism over their business model, which charges software developers commissions of up to 30% of all in-app purchases while at the same time forcing them to only use their integrated payment systems.

The amendments aim to ban app store operators with dominant market positions from forcing app developers, directly or indirectly, in using only their payment systems. This includes intentionally delaying reviews or deleting mobile content for developers that do not comply with their rules.

The amendments will be made to the Telecommunications Business Act, also known as the "Anti-Google Law." The amendment is set to come to a final vote in parliament.

In response to the proposed amendment, Apple said that allowing users to use third-party payment systems could put them at risk of fraud and "undermine their privacy protections." The company added that it would also degrade user trust for purchases made on their app store as well as lead to fewer opportunities for local software developers.

Google's senior director of public policy, Wilson White, said lawmakers should take the time to analyze the possible negative impact of such as legislation instead of "rushing the process."

Experts said there is a solution to Apple and Google's argument. The risk of fraud can be mitigated if both companies are willing to work with developers and other companies to secure payment systems outside of their own.

"Google and Apple aren't the only ones that can create a secure payment system," Korea University School of Law professor, Lee Hwang, said.

Analysts argued that Google and Apple should look beyond just taking cuts from apps and digital products sold in their stores. They said the two companies should seek to profit from value-added services outside of their network.